The Bank of Greece (BoG) has published the data on deposit and loan interest rates for March 2024.
As pointed out by TtE, the interest rate spread between new deposits and loans from banks increased to 5.71 percentage points. In March 2024, the weighted average interest rate on all outstanding deposits remained unchanged at 0.54%, while the corresponding interest rate on loans remained almost unchanged at 6.32%.
The interest rate spread between existing deposits and loans remained almost unchanged at 5.78 percentage points.
In detail, according to data from the Bank of Greece:
New Deposits
The weighted average interest rate on all new deposits remained unchanged, compared to the previous month, at 0.53%.
In particular, the average interest rate on overnight deposits from households remained unchanged at 0.03%, while the corresponding interest rate on corporate deposits remained almost unchanged at 0.17%.
The average interest rates on deposits with an agreed term of up to 1 year from households and from businesses remained almost unchanged at 1.77% and 3.22% respectively.
New Loans
The weighted average interest rate of all new loans to households and businesses increased by 47 basis points and stood at 6.24%.
In particular, the average interest rate on consumer loans without a fixed term (category that includes loans through credit cards, open loans and overdrafts from current accounts) increased by 14 basis points and stood at 15.18%.
The average interest rate on consumer loans with a fixed term and floating rate increased by 155 basis points to 11.82%, while the average interest rate on mortgage loans with a variable rate decreased by 47 basis points to 5.01%.
The average interest rate on business loans without a fixed term was almost unchanged at 6.74%. The corresponding interest rate on business loans also remained almost unchanged at 7.69%.
The average interest rate on new fixed term and variable rate business loans increased by 31 basis points to 6.22%. The average interest rate on regular maturity loans with a variable interest rate to small and medium enterprises (SMEs) increased by 25 basis points and stood at 6.10%.
Regarding the structure of interest rates in terms of the amount of the loan, it is noted that the average interest rate for loans up to 250,000 euros decreased by 23 basis points to 5.41%, for loans from 250,001 to 1 million euros it decreased by 20 basis points and stood at 6.00%, while for loans over 1 million euros it increased by 36 basis points and stood at 6.24%.
Existing Deposits
The weighted average rate of total outstanding deposits (including overnight deposits) remained unchanged at 0.54% from the previous month.
In particular, the average interest rate on the existing balances of deposits with an agreed duration of up to 2 years from households increased by 4 basis points and stood at 1.80%. The corresponding interest rate on corporate deposits remained almost unchanged at 3.02%.
Existing Loans
The weighted average interest rate on existing loans remained almost unchanged at 6.32%.
In particular, according to iefimerida, the average interest rate on existing mortgage loan balances with a duration of more than 5 years remained unchanged at 4.40%. The corresponding interest rate of consumer and other loans to individuals and private non-profit institutions remained almost unchanged at 8.27%.
The average interest rate on business loans with a duration of more than 5 years decreased by 5 basis points and stood at 6.26%. The corresponding interest rate on business loans remained almost unchanged at 6.93%.
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